Significant changes in the home lending sector were the focus of a finance Q&A session in Cairns last week.

The free event sought to educate and better equip buyers with the tools to plan their finance and get into the market sooner.

Garett Kleinschmidt, Fortress Group Sales Manager invited all attendees to come armed with their burning finance questions.

“There have been noticeable changes in both the lending assessment criteria and approval timeframes of late.”

As one of Cairns leading developers in master planned communities, Fortress Group hosted the Q&A session in-conjunction with an experienced panel of industry experts who have been hand-selected for the event on Thursday 15 August at 5:30pm at Riley, Crystalbrook Collection Resort.

Topics covered included:

  • LNP Government’s proposed “First Home Loan Deposit” scheme;
  • New lending criteria and what buyers need to be approval ready;
  • Improved borrowing capability with APRA changes;
  • Building, design tips and much more.

First home buyers in particular were encouraged to learn about borrowing criteria changes.

“The government has yet to release the details on how to apply for the scheme, but it plans to roll out the program by January 2020,” shared Mr Kleinschmidt.

If you are a single first home buyer who earns up to $125,000 annually, you are eligible for this benefit. Couples taking home up to $200,000 yearly are also allowed to apply. The scheme will offer up to $500 million in equity through the National Housing Finance and Investment Corporation.

“Beneficiaries of the scheme will be able to receive support from the government for the life of their loans or until their mortgage is refinanced. The scheme will be helpful for those who are struggling to meet the 20% deposit hurdle imposed by most banks.”  Mr Kleinschmidt shared.

Fortress Group has been a family-owned Queensland business since 1986.  With hands-on management by the Kleinschmidt family, they have undertaken numerous successful community developments throughout Queensland with a strong presence in Cairns.

As long long-term players, Fortress Group have sustained growth, resilience and stability through all market cycles.  With over 30 years of experience in development, design and construction, property innovation is in our DNA.

“This is the perfect opportunity for people considering building or buying a home, who may be unsure of how much they need to save and where to start, to learn about the lending approval process,” Mr Kleinschmidt said.

Bank of Queensland’s Simeon Azcune encouraged locals to soak up the free information on offer.

“Lenders are required to make detailed investigation into a borrower’s spending habits in an effort to more accurately identify a borrower’s loan affordability threshold,” explained Mr Azcune.

“If people can focus on household expenditure, it will assist the Bank in assessing lending applications in a timelier manner.”

“Knowledge is power! This event provides an opportunity for locals to learn insightful information in a relaxed environment,” he stated.

Selling out in within a week, the event  received an overwhelming response from the local community, especially first home buyers.

For more information please contact us on 4051 4422.

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